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Restructuring and Transaction Costs | 12 Months Ended
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Dec. 31, 2021
Restructuring And Related Activities [Abstract] |
Restructuring and Transaction Costs |
6. | Restructuring and Transaction Costs
The following table summarizes Devon’s restructuring and transaction costs.
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Restructuring costs |  | $ | 210 |  |  | $ | 41 |  |  | $ | 84 |
Transaction costs |  |  | 48 |  |  |  | 8 |  |  |  | — |
Total costs |  | $ | 258 |  |  | $ | 49 |  |  | $ | 84 |
2021 Merger Integration In conjunction with the Merger closing, Devon recognized $210 million of restructuring expense in 2021 related to employee severance and termination benefits, settlements and curtailments from defined retirement benefits and contract terminations. Of these expenses, $66 million related to non-cash charges which primarily consisted of settlements and curtailments of defined retirement benefits of $41 million and the accelerated vesting of share-based grants of $21 million. Additionally, in conjunction primarily with the Merger closing, Devon recognized $48 million of transaction costs primarily comprised of bank, legal and accounting fees. Prior Years’ Restructurings During 2020 and 2019, Devon sold assets, reduced its workforce and recognized restructuring expenses of $41 million and $84 million, respectively. Of these expenses recognized in 2020, $11 million and $9 million resulted from accelerated vesting of share-based grants and settlements and curtailments of defined retirement benefits, respectively. Of these expenses recognized in 2019, $31 million and $7 million resulted from accelerated vesting of share-based grants and settlements of defined retirement benefits, respectively. The following table summarizes Devon’s restructuring liabilities.
|  | Other |  |  | Other |  |  |  |  |
|  | Current |  |  | Long-term |  |  |  |  |
|  | Liabilities |  |  | Liabilities |  |  | Total |
Balance as of December 31, 2019 |  | $ | 20 |  |  | $ | 1 |  |  | $ | 21 |
Changes related to prior years' restructurings |  |  | 15 |  |  |  | 136 |  |  |  | 151 |
Balance as of December 31, 2020 |  | $ | 35 |  |  | $ | 137 |  |  | $ | 172 |
Changes related to 2021 merger integration |  |  | 11 |  |  |  | — |  |  |  | 11 |
Changes related to prior years' restructurings |  |  | (8 | ) |  |  | (26 | ) |  |  | (34 | )
Balance as of December 31, 2021 |  | $ | 38 |  |  | $ | 111 |  |  | $ | 149 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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